Section 22 | Annual allowance: tapering

(1)In Part 4 of FA 2004 (pension schemes etc), section 228ZA (tapered reduction of annual allowance) is amended as follows.

(2)In subsection (1)—

(a)for “£4,000” substitute “£10,000”;

(b)for “£240,000” substitute “£260,000”.

(3)In subsection (3)(a) and (b), for “£240,000” substitute “£260,000”.

(4)The amendments made by this section have effect for the tax year 2023-24 and subsequent tax years.